3. Delta Air Lines ( DAL) is a U.S.-based airline engaged in providing passenger and cargo services worldwide. Delta's revenue during the June quarter grew $1 billion, following a 1% increase in passenger traffic. Passenger revenue, forming about 88% of operating revenue, grew 13%, while cargo was the fastest-growing segment during the quarter, at 25%. Fuel costs were a major dampener during the quarter, increasing 39% year-over-year to a billion dollars. While the company's liquidity position is strong, it holds $3.8 million in cash and short-term investments, and $1.8 billion in undrawn revolving credit facilities. Operating cash flow during the June quarter was $1 billion. Hank Halter, Delta's chief financial officer, said, "With strong cash generation despite fuel price pressures, we are making solid progress on our debt reduction goals." He added, "In 18 months, we have reduced our net debt by over $3 billion, while still making significant investments in our product, fleet and facilities." Analysts' consensus estimate pegs average gains at 68% over the next year with buy ratings of 79%. The stock is trading at 7.7 times its estimated 2011 earnings.